Analjit Singh-promoted Max Ventures and Industries has acquired 2 per cent stake in online beauty retailer Nykaa.com for undisclosed sum.
“Max I Ltd (a wholly-owned subsidiary of Max Ventures and Industries Ltd) has acquired 2,69,955 shares of Rs 10 each of FSN E-Commerce Ventures Private on December 8, 2016, which represents its 1.99 per cent equity capital,” said a PTI report, quoting BSE filing of Max Ventures and Industries Ltd.
FSN is in the business of selling cosmetic products, personal and home accessories to consumers in India through e-commerce platform Nykaa.com.
According to PTI report: Nykaa.com, in August this year, said it is in talks to raise Rs 80 crore by the end of this year to push growth as it aims to double sales to Rs 720 crore by 2017-18.
“We are in advance talks to raise Rs 80 crore. We are looking at diluting 10 per cent equity and expect to close the funding by December this year. We are growing at a fast pace and aiming at Rs 720 crore gross merchandise value (sales) by fiscal 2018,” Founder and CEO Falguni Nayar, Nykaa.com, had told PTI.
Nykaa.com is expected to close this fiscal with sales of Rs 320 crore.
The online retailer is also looking at omni-channel presence to achieve growth targets and plans to open nearly 26 more outlets by 2020.